Reno55

6 hours ago, drc32-0 said:

This thread shows what is wrong with American culture...so many people are looking for some angle instead of just doing what they said/ signed they would do.If you play the storage card I hope they counter with motorcycle rental card since you have been using it.

Like Tonik posted...if you can buy another bike you can pay  for the one you signed your name on.Just do the right thing,it'll be better in the end.Besides,I wouldn't want to be riding a motorcycle with a boat load of bad karma following me around.

You're a classless asshat......you speak about things you have no idea about. I NEVER said I am looking for an angle the fact of the matter is the bike was surrendered under a bankruptcy now it is the LIENHOLDER's issue to come get it which for 4+ years they have not. You can say what you want but bankruptcy protection is there for a reason....I have no issue paying for the bike I have if they actually wanted what the bike is worth....they do not nor do they want to come get it period.

You mention karma it goes both ways buddy, stop making assumptions about people when you know nothing about them. Douchebag

3 hours ago, JackFlash said:

If you agree to pay $5000 but only pay $2000 you still owe $3000.

If the item is repo'd and sold or auctioned off for $2000 there is

still the amount of another $1000 before the loan is satisfied.  

If the item is surrendered in a bankruptcy that's a whole different

matter.  All is forgiven as I understand it.  They failed to recover

their property in a timely fashion and may actually have legally

abandoned it.  The problem then is how to pry the title from their

hands and have the lien released.  I would talk to an attorney to

see if you can get a title in your name or a salvage title since

the bike seems to have no owner due to their willful failure to

recover.  It also seems that they could be held liable for storage

charges for entire time if you wanted to push it which, in that

case could cost them more than the amount yet owed for the bike.

Call the BMV and explain the situation to see what they tell you

before you call a lawyer.

.

I am going to try that and call the BMV to see what they say.

I do not but it doesnt matter anyhow as it was surrendered in a BK. Once it is surrendered they CANNOT enforce the balance and BK law takes over

Thanks for the advice all. It's a crappy situation.....Tonik you sir are incorrect...in the State of Ohio if a lienholder's collateral is recovered and then sold through repossesion or surrender the owner cannot be held to the total balance...I know this because I work in the industry somewhat. 

I guess I am just gonna wait until I get the new bike then tell them come get it or I will charge storage, I will also be sure to send them letters and show that they ignored them. 

I find myself in quite the situation both good and bad. Awhile back in 2008 long story short I with the help of my father purchased a 2008 Yamaha Raider. Due to loss of a job I fell behind on payments and never got caught up so I just stopped paying. GE Money who holds the lien never came and repo'd. Neither myself or my father have heard from them at all about wanting it back. Then 2 years ago my folks file bankruptcy and surrender the Raider in the BK. Again GE Money does nothing about it. I check just hoping something happened and the lien isn't there but no luck......I knew it wouldn't just go away but was worth checking. 

So I call them yesterday and ask them what they will take to release the lien. The retail value is about $4,800. They tell me the balance of $7800. I tell them no way and it's obvious they could care less about it so I asked them to let me trade it in and they will get something for it and not have to lift a finger. Still no budging. In the end they said I can vol reposses it which I said no way you haven't come for it in years and hung up. Obviously they cannot enforce the balance due to it being surrendered but it is also obvious they have no desire for it and probably have already written it off. 

Meanwhile I have a free bike that I can renew plates each year for, however I am in the process of getting a new bike and need this thing gone. 

Anyone have any thoughts?